Superior court allows AMF motions

Decisions and Freeze and cease trade orders Securities

Montréal – In a judgment handed down on June 17, 2005, Superior Court Judge Benoît Emery of the district of Montréal allowed two motions filed by the Autorité des marchés financiers (AMF) for dismissal of actions and dismissed the actions launched by Jean-Pierre Nadeau, Claude Valade, Services financiers Mégapolis inc. and Marie-Paul Dion against the AMF and the Attorney-General of Québec.

Further to an investigation conducted by the Commission des valeurs mobilières du Québec (now part of the AMF), Jean-Pierre Nadeau, Claude Valade and Marie-Paul Dion had been summoned to appear before the Commission. The latter along with Services financiers Mégapolis inc. (the “Plaintiffs”) subsequently launched actions against the AMF and the Attorney-General of Québec to ask the Superior Court to declare certain provisions of the Securities Act to be inoperative.

The AMF responded by filing motions to dismiss the actions. The Attorney-General of Québec also filed motions for dismissal of the actions.

In his judgment, Judge Emery stated that the Plaintiffs did not have a legal interest to continue the suit. He therefore dismissed the actions launched against the AMF and the Attorney-General of Québec.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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